Mortgage option decision

[David Hollenberger]

I am currently doing a seller finance with my parents. I bought their house as my primary residence. In my current market I believe I got 40k in equity off the top. I am looking into doing a HELOC to purchase an income property but I'm not sure if that's the best route or if I can even do that since I'm in an owners finance deal. I currently have a 5 year contract that i have to refi the home before it expires. A question i have is with the talks of mortgage rates going up in the near future do you think I should refi sooner rather than later or is there another more creative strategy out there?